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Is it difficult for oil dictators to realize their profits are tied to the US economy?
By Rose | February 20, 2008
Willis Jeffords asked:
Since oil prices have fallen due to the slowing US economy; Putin, Chavez, and Ahmedinejad have a stake in US success as well. How frustrating for them!
Herbert
Since oil prices have fallen due to the slowing US economy; Putin, Chavez, and Ahmedinejad have a stake in US success as well. How frustrating for them!
Herbert
Topics: US Economy | 8 Comments »
February 23rd, 2008 at 12:59 am
Putin doesn’t need anyone but himself
February 24th, 2008 at 8:30 pm
They know it but will NEVER admit it.
February 26th, 2008 at 8:43 am
You bet, specially when it kills them, Saddam Hussein.
February 27th, 2008 at 5:12 pm
So true. Especially Putin seeings how the entire Russian economy is dependent upon the price of oil.
February 28th, 2008 at 7:34 pm
Oil is being fought over not so much for its current value but its future value. This is the nature of a scarce commodity in a capitalistic system. The more rare it becomes, the more valuable it is. Theoretically the last barrel of oil to be extracted will have nearly infinite value. But generally, as time goes by, as the world’s known reserves dwindle, the value goes up.
This idea is not lost on the oil-producing countries. They are trying to control current prices but also working on possible future wealth. They have changed their prices to Euros instead of dollars. They know India and China will be big consumers of oil soon enough, they are really only getting started. In the long run the game is rigged for their benefit, and that of the handful of non-competitive corporations who control oil marketing worldwide.
Prices in the US have gone from outrageously overpriced to only seriously overpriced. It’s still overpriced. Putin, Chavez and Ahmedinejad are crying all the way to the bank. 8^)
March 1st, 2008 at 12:18 pm
Which is why it ticks me off that Bush doesn’t just dictate the price we will pay.
I like Bush and I don’t like the government doing things like that BUT use what ya got, I always say.
Btw, the economy of the entire world depends on the US economy and it quite funny to me to listen to the UK and the EU, China, and Russia try to tell us what to do.
All this country need do is stop buying products made in their countries for 6 months and their whole economy would break down.
March 2nd, 2008 at 4:08 pm
They know it. That’s why they are about to cut production.Simple supply and demand.They know if they cut supply they drive up the price and therefore profits.They know our politics. They also know that if the dems control the government they will NEVER drill for energy independence.Guess who they are supporting?I’ll give you a hint – his name starts with an “O”.
March 5th, 2008 at 4:21 pm
you know if oil price still goes down that more things price goes down,like the house price.
yes, if you can contorl the oil price that you can contorl business as well.